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Regulators globally say 42 percent of audits are deficient

Inspectors globally found problems in 42 percent of the individual audits they selected for inspection at the largest audit networks in the world, suggesting even bigger problems with audit quality in other countries than in the United States, according to a recent international poll of audit regulators.

The International Forum of Independent Audit Regulators, which includes the Public Company Accounting Oversight Board in the United States, polled 52 members to assess the state of audit inspection findings around the globe at the largest audit firm networks. Based on 36 responses, IFIAR says results globally are showing some incremental improvement, but still suggest there’s plenty of work to be done to improve audit quality and standardize audit procedures.